That dollar amount reflects a 26.3% increase since 2017 and a 37.1% uptick from 2020 to 2021.
Based on the average exchange rate for 2021, the Philippine peso appreciated by 2.3% against the US dollar since 2017 and gained 0.7% from 2020 to 2021. Stronger local currency in the Philippines compared makes Filipino imports paid for in weaker US dollars relatively less expensive when converted starting from the Philippine peso.
Applying continental metrics, about four-fifths (80.6%) of the Philippines’ total imports by value in 2021 were purchased from fellow Asian countries.
Major Suppliers by Country for Filipino Imports
By value, the latest available country-specific data shows that 83.1% of products imported by the Philippines were supplied by exporters in: mainland China (22.7% of the global total), Japan (9.5%), South Korea (7.7%), Indonesia (7.3%), United States (6.7%), Singapore (5.8%), Thailand (5.8%), Taiwan (4.8%), Malaysia (4.5%), Vietnam (3.6%), Hong Kong (2.8%) and India (1.9%).
Applying a continental lens, trade partners in Europe supplied 8.2% of imports delivered to the Philippines while 7.5% worth of goods originated from North America. Tinier percentages came from Oceania (2%) led by Australia, New Zealand, and Papua New Guinea Latin America (1.5%) excluding Mexico but including the Caribbean, then Africa (0.2%).
Given the Philippine population of 110.2 million people, its total $124.4 billion in 2021 imports translates to $1,130 in yearly product demand from every person in the Southeast Asian nation. That dollar amount exceeds the average $1,050 one year earlier in 2020.
Philippines Top 10 Imports
The following product groups represent the highest dollar value worth of import purchases during 2021. Also shown is the percentage share each product category represents in terms of overall imports into the Philippines.
- Electrical machinery, equipment: US$31.1 billion (25% of total imports)
- Mineral fuels including oil: $15.5 billion (12.4%)
- Machinery including computers: $11.8 billion (9.5%)
- Vehicles: $7 billion (5.6%)
- Iron, steel: $4.9 billion (3.9%)
- Plastics, plastic articles: $4.4 billion (3.5%)
- Pharmaceuticals: $3.7 billion (3%)
- Cereals: $3.4 billion (2.8%)
- Optical, technical, medical apparatus: $2.6 billion (2.1%)
- Articles of iron or steel: $2.3 billion (1.9%)
The Philippines’ top 10 imports accounted for over two-thirds (69.8%) of the overall value of its product purchases from other countries.
Imported pharmaceuticals posted the fastest-growing increase in value among the top 10 import categories, up 117.2% from 2020 to 2021.
In second place were mineral fuels including oil (up 91.7%) largely caused by increases in Filipino payments for imported petroleum oils (both refined and crude), coal and petroleum gas.
Year over year, other top import categories to expand were iron and steel (up 49.6%) and plastics both as materials and items made from plastic (up 39.6%).
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more detailed view of imported goods at the four-digit HTS code level, see the adjacent product folder tabs.
Top Electrical Products Imported into the Philippines
Filipino importers spent the most on the following 10 subcategories of electronic equipment including consumer electronics.
- Integrated circuits/microassemblies: US$15.4 billion (up 17.9% from 2020)
- Phone devices including smartphones: $3.3 billion (up 2.1%)
- Solar power diodes/semi-conductors: $1.8 billion (up 1.1%)
- Insulated wire/cable: $1.4 billion (up 35%)
- Printed circuits: $1.2 billion (up 87.5%)
- Electrical converters/power units: $981.2 million (up 34.4%)
- Lower-voltage switches, fuses: $920.8 million (up 43.6%)
- Electrical capacitators: $533.9 million (up 22%)
- Magnets including electro-magnets: $517.3 million (up 79.9%)
- TV receivers/monitors/projectors: $459.6 million (up 24.4%)
Among these import subcategories, Philippine purchases of printed circuits (up 87.5%), magnets including electro-magnets (up 79.9%) then lower-voltage switches or fuses (up 43.6%) grew at the fastest pace from 2020 to 2021.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported electronics among Filipino businesses and consumers.
Top Mineral Fuels and Related Products Imported into the Philippines
Filipino importers spent the most on the following 10 subcategories of mineral fuels-related products.
- Processed petroleum oils: US$9.3 billion (up 109.9% from 2020)
- Coal, solid fuels made from coal: $2.9 billion (up 95.3%)
- Crude oil: $1.9 billion (up 40.1%)
- Petroleum gases: $1.3 billion (up 72.4%)
- Natural bitumen, asphalt, shale: $52.6 million (up 52.8%)
- Coal tar oils (high temperature distillation): $30 million (up 75.6%)
- Petroleum oil residues: $18.1 million (up 83.7%)
- Petroleum jelly, mineral waxes: $8.9 million (down -1.2%)
- Coke, semi-coke: $8.2 million (up 152.1%)
- Asphalt/petroleum bitumen mixes: $636,000 (up 276.3%)
Among these import subcategories, Philippine purchases of asphalt or petroleum bitumen mixes (up 276.3%), coke or semi-coke (up 152.1%) then processed petroleum oils (up 109.9%) grew at the fastest pace from 2020 to 2021.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported fossil fuel-related products among Filipino businesses and consumers.
Top Machinery Including Computers Imported into the Philippines
Filipino importers spent the most on the following 10 subcategories of machines including computers.
- Computer parts, accessories: US$2.6 billion (up 23% from 2020)
- Computers, optical readers: $1.2 billion (up 35.3%)
- Miscellaneous machinery: $664.7 million (up 34.3%)
- Printing machinery: $556.8 million (up 36.8%)
- Machinery for making semi-conductors: $506.5 million (up 63.1%)
- Heavy machinery (bulldozers, excavators, road rollers): $486.2 million (up 69.9%)
- Refrigerators, freezers: $428.4 million (up 19.3%)
- Air conditioners: $375.6 million (up 10.5%)
- Air or vacuum pumps: $299.2 million (up 20.7%)
- Transmission shafts, gears, clutches: $252.2 million (up 25.7%)
Among these import subcategories, Philippine purchases of heavy machinery such as bulldozers, excavators or road rollers (up 69.9%), machinery for making semi-conductors (up 63.1%) then printing machinery (up 36.8%) grew at the fastest pace from 2020 to 2021.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Filipino businesses and consumers.
Top Vehicles Imported into the Philippines
Filipino importers spent the most on the following 10 subcategories of vehicles-related products.
- Cars: US$2.3 billion (up 19.6% from 2020)
- Trucks: $1.8 billion (up 55.2%)
- Motorcycles: $1.7 billion (up 69.3%)
- Automobile parts/accessories: $404.8 million (up 31.1%)
- Motorcycle parts/accessories: $235.3 million (up 15.9%)
- Public-transport vehicles: $223.4 million (down -26.3%)
- Tractors: $161.4 million (up 44.6%)
- Bicycles, other non-motorized cycles: $73.3 million (up 23.1%)
- Special purpose vehicles: $68.3 million (up 23.5%)
- Trailers: $43.2 million (up 23.4%)
Among these import subcategories, Philippine purchases of motorcycles (up 69.3%), trucks (up 55.2%) then tractors (up 44.6%) grew at the fastest pace from 2020 to 2021.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported vehicles-related products among Filipino businesses and consumers.
See also Philippines Top 10 Exports and Philippines Top Trading Partners
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles, Central Intelligence Agency. Accessed on May 16, 2022.
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on May 16, 2022
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on May 16, 2022
Investopedia, Net Exports Definition. Accessed on May 16, 2022
Trade Map, International Trade Centre. Accessed on May 16, 2022
Wikipedia, List of Companies of the Philippines. Accessed on May 16, 2022
Wikipedia, Philippines. Accessed on May 16, 2022
